Citigroup C

NYSE · National Commercial Banks · $218.2B

$118.45−5.04%Nov 5 close · Databento

Every report since 2026 →

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C Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $118.451D −5.04%3M −12.40%SMA20 $123.61SMA50 $129.18RSI(14) 36.7

118.45

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 36.7

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

2 stories have a settled next close so far (2 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$218.2B

Enterprise value$184.5B

Revenue$85.2B +5.6%

True FCF (ex-SBC)$-75.8B −183.4%

Rule of 40-81.4%

True FCF Yield-34.7%

EPS, diluted$6.99 +17.7%

Modern Valuation (EOD)

Market Cap$218.2B

Enterprise Value$184.5B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales2.16

P / E (GAAP)15.25

P / FCF—

P / Oper. CF—

P / Book1.02

Owner & Cash Yields

True FCF Yield-34.7%

FCF Yield-34.0%

Owner Earn. Yield2.8%

Earnings Yield6.6%

Shareholder Yield+7.8%

Buyback Yield6.1%

Dividend Yield—

Dividend / sh—

Payout Ratio38%

FCF / sh$-42.39

EPS (diluted)$6.99

Compounder & Returns

Rule of 40-81.4%

ROIC—

Cash ROIC (CROIC)-41.2%

GP / Assets—

ROE6.7%

ROA0.5%

Gross Margin—

Oper. Margin—

Net Margin16.8%

FCF Margin-87.0%

True FCF Margin-89.0%

Quality & Dilution

Cash Conversion-518%

Accrual Ratio+3.1%

SBC % of FCF—

SBC % of Rev2.0%

Reinvest. Rate—

Sales Growth Y/Y+5.6%

Sales 3Y CAGR+4.2%

EPS Growth Y/Y+17.7%

FCF Growth Y/Y−183.4%

FCF 3Y CAGR—

Share Change Y/Y−3.5%

Balance Sheet & Scale

Revenue (FY)$85.2B

Gross Profit (FY)—

Oper. Income (FY)—

GAAP Net Income$14.3B

True FCF (ex-SBC)$-75.8B

Cash & Equiv$349.6B

Total Debt$315.8B

Net Cash (Debt)$33.8B

Net Cash % MCap+15.5%

Debt / FCF (yrs)—

Current Ratio—1.75B sh

Price & Technicals (EOD)

Perf Week−5.81%

Perf Month−6.97%

Perf Quarter−12.26%

Perf Half Y−8.24%

Perf YTD−10.97%

SMA 20 Dist−4.18%$123.61

SMA 50 Dist−8.31%$129.18

SMA 100 Dist−10.89%$132.93

Window High−18.69%$145.67

Window Low0.00%$118.45

RSI (14) · Vol36.735%v

Income Distribution & Cash Flow ConversionHow every dollar of C revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$17.5B ($20.5 / $100)

Operating Expenses$0 ($0.0 / $100)

Tax & Non-Operating$53.4B ($62.7 / $100)

Net Profit Kept$14.3B ($16.8 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$14.3B (16.8% margin)

Operating Cash Flow (OCF)$-67.6B(-79.4% of rev)

Less: Capital Expenditures−$6.5B(7.7% of rev)

Standard Free Cash Flow (FCF)$-74.2B(-87.0% margin)

Less: Stock-Based Comp (SBC)−$1.7B

True FCF (Owner Cash ex-SBC)$-75.8B(-89.0% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$71.9B	$75.3B	$78.1B	$80.7B	$85.2B	+5.6%	+4.3%
Cost of Revenue (COGS)	—	—	—	—	$17.5B	—	—
Interest Expense	$8.0B	$25.7B	$78.4B	—	$78.4B	—	+77.0%
Income Tax Expense	$5.5B	$3.6B	$3.5B	$4.2B	$5.4B	+27.6%	−0.4%
GAAP Net Income	$22.0B	$14.8B	$9.2B	$12.7B	$14.3B	+12.8%	−10.2%
Diluted EPS	$10.14	$7.00	$4.04	$5.94	$6.99	+17.7%	−8.9%
Diluted Shares	2.05B	1.96B	1.96B	1.94B	1.87B	−3.5%	−2.2%
Balance Sheet
Cash & Equivalents	$262.0B	$342.0B	$260.9B	$276.5B	$349.6B	+26.4%	+7.5%
Total Assets	$2,291B	$2,417B	$2,412B	$2,353B	$2,657B	+12.9%	+3.8%
Total Debt (Short + Long Term)	$254.4B	$271.6B	$286.6B	$287.3B	$315.8B	+9.9%	+5.6%
Total Liabilities	$2,089B	$2,215B	$2,206B	$2,144B	$2,443B	+14.0%	+4.0%
Stockholders' Equity	$202.7B	$201.8B	$206.3B	$209.4B	$213.8B	+2.1%	+1.3%
Net Cash / (Net Debt)	$7.7B	$70.4B	$-25.7B	$-10.8B	$33.8B	+413.4%	+44.9%
Invested Capital	$195.0B	$131.4B	$231.9B	$220.1B	$180.1B	−18.2%	−2.0%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$47.1B	$25.1B	$-73.4B	$-19.7B	$-67.6B	−243.9%	—
Stock-Based Compensation (SBC)	—	—	—	—	$1.7B	—	—
Capital Expenditures (CapEx)	$4.1B	$5.6B	$6.6B	$6.5B	$6.5B	+0.3%	+12.2%
Free Cash Flow (FCF)	$43.0B	$19.4B	$-80.0B	$-26.2B	$-74.2B	−183.4%	—
True FCF (ex-SBC Owner Cash)	$43.0B	$19.4B	$-80.0B	$-26.2B	$-75.8B	−189.7%	—
Share Repurchases (Buybacks)	$7.6B	$3.3B	$2.0B	$2.5B	$13.3B	+435.6%	+14.9%
Dividends Paid	$5.2B	$5.0B	$5.2B	$5.2B	$5.4B	+3.3%	+0.8%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what C did at the next close after each story

Oct 22

US banks confront unauthorized AI agents inside customer accounts

ZeroHedge · 3:30 PM ET

—

Sep 21

Kremlin-backed forgery scheme moved $6.9bn through global banks

Financial Times · 4:00 PM ET

−1.91%

Sep 5

Citigroup delays Fed rate-cut forecast to 2027 after strong U.S. jobs report

Investing.com · 7:52 AM ET

−0.71%

What happened · big days

24 big days in a year, and what we hold on each

A big day is a close more than 3.06% from the one before, three times C’s median day (1.02%). On 13 of the 24, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.06%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayCWhat we hold that dayGroup (median of 4) · each

1 Dec 3, 2025+3.42%
Before our storiesgroup +1.6%, did not move with it
1Dec 3, 2025+3.42%
Before our stories
+1.6% did not move with itWFC +3.5 · BAC +1.7 · COF +1.4 · JPM +1.4
2 Jan 5, 2026+3.88%
Before our storiesgroup +1.5%, did not move with it
2Jan 5, 2026+3.88%
Before our stories
+1.5% did not move with itJPM +2.6 · BAC +1.7 · WFC +1.2 · COF +1.0
3 Jan 14, 2026−3.34%
Resultsgroup −2.4%, moved with C
3Jan 14, 2026−3.34%
ResultsFirst close after the Jan 14 results filing
−2.4% moved with CWFC −4.6 · BAC −3.8 · JPM −1.0 · COF +1.3
4 Jan 15, 2026+4.49%
Before our storiesgroup +0.3%, did not move with it
4Jan 15, 2026+4.49%
Before our stories
+0.3% did not move with itCOF +1.1 · JPM +0.5 · BAC +0.2 · WFC −0.3
5 Jan 20, 2026−4.44%
Before our storiesgroup −2.5%, moved with C
5Jan 20, 2026−4.44%
Before our stories
−2.5% moved with CCOF −4.4 · JPM −3.1 · WFC −1.9 · BAC −1.6
6 Feb 6, 2026+6.00%
Before our storiesgroup +2.8%, did not move with it
6Feb 6, 2026+6.00%
Before our stories
+2.8% did not move with itJPM +4.0 · BAC +2.9 · COF +2.7 · WFC +2.1
7 Feb 11, 2026−3.90%
Before our storiesgroup −2.6%, moved with C
7Feb 11, 2026−3.90%
Before our stories
−2.6% moved with CWFC −3.2 · BAC −2.8 · COF −2.5 · JPM −2.3
8 Feb 12, 2026−5.32%
Before our storiesgroup −2.8%, moved with C
8Feb 12, 2026−5.32%
Before our stories
−2.8% moved with CCOF −3.5 · WFC −3.0 · JPM −2.6 · BAC −2.5
9 Feb 23, 2026−4.53%
Before our storiesgroup −4.1%, moved with C
9Feb 23, 2026−4.53%
Before our stories
−4.1% moved with CCOF −8.8 · JPM −4.2 · WFC −4.0 · BAC −3.8
10 Feb 25, 2026+4.36%
Before our storiesgroup +2.6%, moved with C
10Feb 25, 2026+4.36%
Before our stories
+2.6% moved with CCOF +4.7 · WFC +2.6 · BAC +2.5 · JPM +2.0
11 Feb 27, 2026−5.16%
Before our storiesgroup −5.2%, moved with C
11Feb 27, 2026−5.16%
Before our stories
−5.2% moved with CCOF −6.2 · WFC −5.6 · BAC −4.7 · JPM −1.9
12 Mar 12, 2026−3.38%
Before our storiesgroup −2.3%, moved with C
12Mar 12, 2026−3.38%
Before our stories
−2.3% moved with CBAC −2.9 · COF −2.5 · WFC −2.1 · JPM −1.6
13 Mar 27, 2026−4.47%
Before our storiesgroup −2.8%, moved with C
13Mar 27, 2026−4.47%
Before our stories
−2.8% moved with CCOF −3.3 · JPM −3.0 · BAC −2.6 · WFC −2.3
14 Mar 31, 2026+5.72%
Before our storiesgroup +3.4%, moved with C
14Mar 31, 2026+5.72%
Before our stories
+3.4% moved with CJPM +3.7 · WFC +3.7 · BAC +3.2 · COF +2.4
15 Apr 8, 2026+5.43%
Before our storiesgroup +3.5%, moved with C
15Apr 8, 2026+5.43%
Before our stories
+3.5% moved with CCOF +6.2 · WFC +3.6 · JPM +3.5 · BAC +3.2
16 May 20, 2026+4.04%
Before our storiesgroup +1.9%, did not move with it
16May 20, 2026+4.04%
Before our stories
+1.9% did not move with itCOF +2.9 · JPM +2.1 · WFC +1.7 · BAC +1.1
17 Jun 4, 2026+4.02%
Before our storiesgroup +3.4%, moved with C
17Jun 4, 2026+4.02%
Before our stories
+3.4% moved with CWFC +3.7 · BAC +3.4 · JPM +3.3 · COF +3.1
18 Jun 11, 2026+3.52%
Nothing on Cgroup +1.3%, did not move with it
18Jun 11, 2026+3.52%
Nothing on CNo C story, brief or results filing in our record that day
+1.3% did not move with itCOF +2.5 · JPM +1.4 · BAC +1.1 · WFC +0.5
19 Jul 14, 2026−5.29%
Resultsgroup +1.5%, did not move with it
19Jul 14, 2026−5.29%
ResultsFirst close after the Jul 14 results filing
+1.5% did not move with itWFC −2.7 · COF +1.1 · BAC +1.9 · JPM +2.5
20 Jul 21, 2026+3.20%
Nothing on Cgroup +1.5%, did not move with it
20Jul 21, 2026+3.20%
Nothing on CNo C story, brief or results filing in our record that day
+1.5% did not move with itJPM +1.9 · WFC +1.6 · BAC +1.3 · COF −0.3
21 Jul 29, 2026−4.03%
Nothing on Cgroup −3.0%, moved with C
21Jul 29, 2026−4.03%
Nothing on CNo C story, brief or results filing in our record that day
−3.0% moved with CJPM −3.5 · WFC −3.5 · BAC −2.5 · COF −1.7
22 Jul 30, 2026+4.08%
Nothing on Cgroup +1.4%, did not move with it
22Jul 30, 2026+4.08%
Nothing on CNo C story, brief or results filing in our record that day
+1.4% did not move with itWFC +1.9 · JPM +1.8 · BAC +1.1 · COF +0.7
23 Aug 19, 2026−3.46%
Nothing on Cgroup −1.6%, did not move with it
23Aug 19, 2026−3.46%
Nothing on CNo C story, brief or results filing in our record that day
−1.6% did not move with itWFC −1.7 · JPM −1.6 · BAC −1.6 · COF −0.3
24 Oct 13, 2026−5.60%
Resultsgroup −1.3%, did not move with it
24Oct 13, 2026−5.60%
ResultsFirst close after the Oct 13 results filing
−1.3% did not move with itWFC −3.1 · COF −1.5 · BAC −1.1 · JPM −0.9

A story on the same day is not a cause, and a group move is not proof either. Group: the median of JPM, BAC, WFC and COF that day, the largest companies in C’s SEC industry; “moved with C” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). C reports during the trading day, so day 1 is that day’s close. Each time, day 6 ended on the same side as day 1.

Reported Jan 14, 2026

day 1−3.34%day 6−0.55%

Reported Apr 14, 2026

day 1+2.61%day 6+4.28%

Reported Jul 14, 2026

day 1−5.29%day 6−5.59%

Reported Oct 13, 2026

day 1−5.60%day 6−7.13%

Next report: expected mid JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 13 report: −5.44%. Four reports is a small sample.

Every report since 2026 →

Each line is C’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

C against four bank peers, a year at 100

C is up 23.8% in a year. All four did less: JPMorgan Chase (+12.1%), Wells Fargo (+1.6%), Bank of America (−3.0%) and Capital One Financial (−6.4%). Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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C +23.8%. JPMorgan Chase +12.1%, Wells Fargo +1.6%, Bank of America −3.0%, Capital One Financial −6.4%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in C’s SEC industry (National Commercial Banks) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

JPM	JPMorgan Chase	$936.0B	—
BAC	Bank of America	$361.0B	—
WFC	Wells Fargo	$264.4B	—
COF	Capital One Financial	$126.6B	—
USB	US Bancorp de	$95.1B	—
PNC	PNC Financial Services	$93.1B	—
TFC	Truist Financial	$62.1B	—
HBAN	Huntington Bancshares	$32.4B	—